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Retirement Planning > Saving for Retirement

Study: Confidence stable, but savings are down

By Danielle Andrus

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While retirement confidence appears to be stabilizing, preparedness is still dwindling. A study by the Employee Benefits Research Institute found 16 percent of pre-retirees are very confident about their ability to retire comfortably, compared with the 20-year low of 13 percent. However, only 69 percent say they have saved for retirement, down from 75 percent in 2009 and 60 percent are currently saving, down from 65 percent last year.

Most alarmingly, over half of pre-retirees report having less than $25,000 in savings, ignoring the value of their home and pension plans. Over half see stocks as a valuable long-term investment.

Respondents are only slightly more confident about insurance companies than the federal government. Just 12 percent of pre-retirees said they felt very confident about insurance companies; 11 percent felt the same way about the government. Nearly one-quarter of pre-retirees feel confident about private employers, followed by banks at 22 percent.

Advisors are the main source of financial advice, especially among pre-retirees with more assets, however, 27 percent say they are not getting the information they need to prepare themselves for retirement. The same percentage say they turn to family and friends for investment advice, and 10 percent use the Internet, and newspapers or magazines.

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